Cybersecurity startup Lucideus has raised $7 million in a funding round led by California-based MS&AD Ventures, along with participation by venture capital firm Western Technology Investment.
The company is expected to use the funds to ramp up operations in the United States, double engineering and sales teams in the next three months and scale up the company’s platform - Security Assessment Framework for Enterprises (SAFE) - which helps businesses measure and mitigate cyber-risks in real-time.
“Last year, we had a triple digit revenue growth with a net promoter score (NPS) of 86, and we intend to continue growing at this pace next year. With this intent, we feel this new round of investment has a strategic overlap for our platform to reach out to a larger audience across the world, while continuing to strengthen our leadership across Asia.” says Saket Modi, Co-founder & CEO of Lucideus
The company said it will use the fresh capital infusion to ramp up its operations in the US, double engineering and sales teams in the next three months, and scale up the company’s platform - Security Assessment Framework for Enterprises (SAFE), a real-time cybersecurity assessment (a number between 0-5) and monitoring platform for enterprises. The product integrates with the existing technology stack to provide a real-time cyber-risk assessment at a macro level across the organisation. This can be broken down into micro-level scoring individually for each asset.
The global cybersecurity market size is forecast to grow to about $248 billion by 2023, according to research firm Statista, although funding in the space has been comparatively lower.
“Cybersecurity is one of the top concerns for CEOs globally and SAFE is at the epicenter of solving this problem. Cyber Risk Quantification (CRQ) is a disruptive new category and will become a strategic business enabler in the near future,” said Chambers, who is the founder and CEO of JC2 Ventures, a venture capital firm.